FIG Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-05T22:30:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available | financials=earnings release only | transcript=live (call in progress, 2026-08-05 21:00Z)

Consensus scorecard

Reported results and guidance

Guidance (full-year revenue raised by $40.0m; the release does not restate the prior range):

• Scorecard recap: revenue of $370.1m beat consensus by 5.3% and non-GAAP basic and diluted EPS of $0.08 beat the $0.041 estimate by 95.1%.
• Revenue grew 48% year over year, the third consecutive quarter of accelerating year-over-year growth, and above the company's own previously issued Q2 guidance range.
• CFO Praveer Melwani described Q2 as "a record quarter and our first full quarter of AI credit monetization," with net dollar retention of 136% driven by expansion in both seats and AI credit add-ons.
• Both GAAP and non-GAAP operating income were reduced by increased sales and marketing spend for Config, the company's annual user conference, which drew over 10,000 attendees to San Francisco.
• Products announced or shipped in the quarter: Code Layers (bringing Figma Make to the design canvas), the ability to work directly in a production codebase with Figma Make, Motion, Shaders and 3D Transforms, Figma Weave Tools, the Figma agent, Skills, and generative plugins.
• The Figma agent is described as increasingly powered by Figma's first-party model.
• CEO Dylan Field framed the strategy around "the canvas for full-stack creation" as code gets commoditized and value moves up the stack.

Key bullish aspects

• Both scorecard metrics beat, revenue came in above the company's own guidance range, and year-over-year growth accelerated for the third consecutive quarter to 48.2%.
• Net dollar retention of 136% is exceptionally high, and the company attributes it to expansion in both seats and AI credit add-ons rather than price.
• Large-customer growth outpaced total revenue at the top end: customers with more than $100,000 in ARR grew 46% to 1,635, faster than the 34% growth to 15,964 customers above $10,000 in ARR.
• AI monetization is landing quickly: in its first full quarter of AI credit monetization, over 80% of customers above $10,000 in ARR were consuming AI credits weekly, and over 50% were using the newly launched Figma agent weekly by 31 July.
• Non-GAAP operating income of $36.1m at a 10% margin was achieved in a quarter carrying the full cost of the Config conference, and full-year non-GAAP operating income is guided to $125m-$135m.
• The company generated $60.9m of operating cash flow at a 16% margin and $53.2m of free cash flow at a 14% margin while reporting a GAAP operating loss.
• Deferred revenue rose 5.3% to $626.8m over six months, and accounts receivable fell 23.0% to $190.9m, so cash collection outran billings.
• Full-year revenue guidance was raised by $40.0m to $1.463bn-$1.467bn.
• The balance sheet carries no debt, with $1.67bn of cash, cash equivalents and marketable securities against $873.4m of total liabilities, most of which is deferred revenue.
• Accrued compensation and benefits fell 50.0% to $53.5m over six months, so the cash compensation build has unwound even as headcount investment continued.
• Gross profit growth accelerated to 40% year over year on both a GAAP and non-GAAP basis, keeping pace with the top line despite AI cost of revenue entering the mix.

Key bearish aspects

• The GAAP picture deteriorated sharply: a $(117.3)m operating loss against $2.1m of operating income a year ago, and a $(112.2)m net loss against $28.2m of net income, with the six-month loss at $(254.6)m against $73.1m of income.
• Stock-based compensation of $147.6m was 39.9% of revenue this quarter, against $7.3m and 2.9% a year ago; over six months it was $316.6m, or 45.0% of revenue, and it exceeds the entire GAAP operating loss.
• Total operating expenses rose 94.3% to $426.9m against 48.2% revenue growth, so the company is spending roughly twice as fast as it is growing.
• G&A rose 169% to $104.7m and R&D rose 101% to $167.3m; over six months G&A rose 201% and R&D rose 122%.
• GAAP gross margin compressed 5 points to 84% as cost of revenue rose 117% to $60.5m, more than twice the revenue growth rate — the AI credits being monetized carry real inference cost.
• The Q3 revenue guide of $373.0m-$375.0m implies only 0.8% to 1.3% sequential growth against the $370.1m just reported, and 36% year-over-year growth at the midpoint — a 12-point deceleration from the 48% just delivered.
• The full-year guide of $1.463bn-$1.467bn against $703.5m in the first half implies second-half revenue of $759.5m-$763.5m; after the Q3 guide, implied Q4 revenue is $386.0m-$390.0m, so the guided acceleration story ends this quarter.
• Full-year non-GAAP operating income of $125m-$135m at a 9% midpoint margin is below the 10% just reported, so the company is not guiding margin expansion.
• Other income, net fell 79.4% to $7.6m from $37.0m, and marketable securities fell 2.5% over six months, so the investment-income contribution is shrinking.
• Total stockholders' equity fell 2.2% to $1,477.9m over six months despite $228.4m of additional paid-in capital, because the accumulated deficit grew $254.6m.
• Weighted-average share count rose 145% year over year to 527.5m following the company's public listing, so per-share comparisons to the prior year are not meaningful.
• Accounts payable rose 481% to $26.1m, from a very low base but alongside a 37.6% rise in accrued and other current liabilities.

Key uncertainties

• The release gives no prior-year comparatives for non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, free cash flow, or net dollar retention, so the trajectory of every non-GAAP measure the company leads with — including the one used in the EPS scorecard row — cannot be established from this document.
• The non-GAAP reconciliation tables were not on the pages read, so the bridge from the $(117.3)m GAAP operating loss to $36.1m of non-GAAP operating income is not verified here; stock-based compensation of $147.6m alone exceeds the $153.4m gap.
• The Config conference cost is cited as reducing both GAAP and non-GAAP operating income but is never quantified, so the underlying margin excluding it is not determinable.
• AI credit monetization is described as being in its first full quarter, but no AI revenue figure, credit pricing, attach rate in dollars, or contribution to the 136% net dollar retention is given.
• Cost of revenue rose 117% against 48% revenue growth; the release does not separate AI inference cost from hosting and support, so the incremental gross margin on AI credits is unknown.
• The Q3 guide implies almost no sequential revenue growth after three quarters of acceleration; the release does not explain the discontinuity, and the Q2 outperformance against guidance suggests the guide may be conservative, but this cannot be established here.
• Net dollar retention is measured only on customers above $10,000 in ARR, so it excludes the long tail of self-serve customers whose behavior is not disclosed.
• The weekly AI credit consumption metric uses the single week with the highest number of such users in the quarter, per the company's own definition, so it is a peak rather than an average.
• The Figma agent adoption figure is measured as of 31 July 2026, after quarter end, and is not comparable to the quarter's other metrics.
• Stock-based compensation of $316.6m over six months against $7.5m a year ago reflects the transition to public-company equity accounting; the release does not indicate what a steady-state run rate looks like or when the step-up amortizes down.
• Digital assets of $25.9m across current and non-current lines fell 21.6% over six months; the release does not describe what they are or why they declined.
• The 5:00 p.m. ET call was in progress when this report was written and the Quartr transcript is live rather than complete, so management's account of the Q3 guide, AI unit economics, and the operating expense trajectory is not assessed at this stage.

Market context

• API Ninjas snapshot: FIG $28.15 on NYSE, volume 39,419,635, quote timestamped 2026-08-05T21:55:12Z, retrieved 2026-08-05T22:27:00Z. The release was published after the U.S. close on 2026-08-05; this is a single quote of unstated session basis captured after the close, not a measured reaction to the release.

Source limitations

• Every actual above comes from the Quartr Q2 2026 earnings release document (3690093). Quartr standardized financials for this event are not yet populated, and the Form 10-Q (3690091) and slide deck (3969470) attached to this event were not read for this preliminary.
• API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter, so the exact ticker-and-event-date match path was used.
• Year-over-year percentage changes and margin-point changes are calculated from the release's own columns; where the release prints a percentage itself, the calculated value agrees.
• Non-GAAP gross profit and margin, non-GAAP operating income and margin, non-GAAP net income and per-share amounts, and free cash flow and its margin are non-GAAP measures as defined by the company and are quoted from the release's highlights section at the rounding the company uses.
• The GAAP gross margin of 89% for Q2 2025 is calculated from the statement's own gross profit and revenue; the release states only the current-period 84%.
• The condensed consolidated statements in this release are unaudited.
• The extracted statement tables interleave three-month and six-month columns; each figure above was assigned by matching it to the corresponding value the company states in its highlights section, and the totals foot.
• Implied prior-year customer counts are derived from the company's stated growth rates and are not printed in the release.
• Implied second-half and Q4 revenue figures are calculated by subtracting reported six-month actuals and the Q3 guide from the guided full-year range; the company does not present them.
• Prior-year per-share figures are affected by participating securities and a share count 145% smaller, so the year-over-year EPS comparison is not economically meaningful.
• Customer counts, retention, AI adoption, cash flow, and product announcements are quoted from the release narrative. An investor presentation referenced on the company's website is not attached to this Quartr event and was not read.

Source links

• Quartr Q2 2026 earnings release
• Quartr release highlights page
• Quartr release business metrics and outlook page
• Quartr release metric definitions page
• Quartr release statements of operations page
• Quartr release balance sheet page